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Department of Accounting and Finance Chair in Accounting or

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					                               Department of Accounting and Finance
                                  Chair in Accounting or Finance
                                             Ref A032


Further Particulars

Applications are invited for two Chairs in Accounting or Finance.

Applicants for the posts of Chair in Accounting or Finance will need to have an established
international reputation and to be willing to play a leading role in the further development of the
accounting or finance group. Applications are welcomed in all fields of accounting and finance.
Applications for visiting and fixed-term appointments are welcome.

The following pages provide details of the position and the Department, together with background
information about the School, the University and the local area.

Lancaster University Management School

Lancaster University Management School (LUMS) is among the world's most highly ranked
management and business schools. LUMS has achieved an international reputation as one of the
UK’s exceptional research-led management schools, and has made a significant contribution to
management education since its establishment in 1964. The School’s growing profile has
underpinned the successful recruitment of faculty of world class standing, and outstanding students
on to its undergraduate, postgraduate and post-experience programmes.

 Quality Benchmarks
LUMS is one of a small group of business schools to hold triple accreditation from AACSB, EQUIS and
the Association of MBAs. EQUIS is the leading international system of quality assessment,
improvement, and accreditation of business schools, operated by the European Foundation for
Management Development (EFMD), and AACSB is America’s foremost professional association for
college and university management education and the premier accrediting agency for business
degrees. As a School we are ranked 20th in European Table of Business Schools (FT 2009):

– FT MBA 24th in the world (Financial Times, 2010)
– Doctoral programme = 5th in world (FT 2009)
– Customised executive education = top 50
 Research
In the latest Research Assessment Exercise (RAE, 2008) LUMS is in the top four university business
schools on most measures of research quality, and 5th equal if using the simple grade point average
score. Three quarters of Lancaster University Management School’s research activity has been
assessed as world leading or internationally excellent in terms of originality, significance and rigour,
and virtually all its research (95%) is of international standing.

Department of Accounting and Finance

Lancaster has long been recognised as one of the UK's leading centres for the teaching and advanced
study of Accounting and Finance, and many former members of the teaching staff and research
students of the Department now occupy senior academic positions in other leading universities.
Details of the Department's research and teaching activities are provided below.
In addition, the Department is one of the CFA Institute’s global Program Partners. To achieve
Program Partner status, the Department was required to demonstrate that its taught Masters
syllabus matches the main 'Candidate Body of Knowledge' which is examined by the Institute for its
CFA qualification. In addition, Lancaster University Management School was able to demonstrate its
commitment to continued teaching and research excellence.

Research
The Department has been consistently ranked by the UK Higher Education Funding Council in the
highest research quality category, corresponding to research of international excellence. It was the
only Accounting department rated as 5 on a five-point scale in the 1989 Research Assessment
Exercise (RAE). Subsequently, the Management School was submitted for rating purposes as a single
unit; the Department's continued quality was confirmed by the top 5-star ratings awarded to the
School in 1992, 1996 and 2001. 75% of Lancaster University Management School’s research activity
has been assessed as world leading or internationally excellent in terms of originality, significance
and rigour, and on this measure Lancaster is 3rd equal in the UK in the RAE 2008.

Lists of recent publications are provided in the staff Web pages. In the most recent RAE period,
faculty members have published in a wide range of leading Accounting, Finance and Economics
journals, including, amongst others:-

      Accounting Review
      Accounting and Business Research
      Accounting, Organizations and Society
      Contemporary Accounting Research
      Journal of Accounting, Auditing and Finance
      Journal of Accounting Research
      Journal of Banking and Finance
      Journal of Business Finance and Accounting
      Journal of Econometrics
      Journal of Economic Theory
      Journal of Empirical Finance
      Journal of Economic Dynamics and Control
      Journal of Finance
      Journal of Financial Economics
      Journal of Futures Markets
      Journal of International Money and Finance
      Mathematical Finance
      Review of Accounting Studies
      Review of Financial Studies

The Department allocates research time on the basis of research performance and plans and
thereby encourages the pursuit of excellence in research. Conference presentations are encouraged,
particularly at the meetings of the American and European Finance Associations and at the
American, European and British Accounting Associations.

The research resources of the Department include access to major databases, including: Wharton
Research Data Service (WRDS), CRSP, Compustat, I/B/E/S, Thomson One Banker, Extel, Worldscope,
Thomson Research Datastream and high-frequency FX, LSE and options prices.
The Department is closely associated with the International Centre for Research in Accounting
(ICRA), an independently funded unit under the direction of Professor Peter Pope and located next
to the Department.

Individual staff research covers a wide variety of topics, currently organised in three major areas:

       Finance
       Accounting and financial reporting
       Management control and corporate governance

Finance
Research in Finance at Lancaster is focused on corporate finance, financial markets, microstructure
and risk management, under the leadership of Professors Bart Lambrecht, Peter Pope, Mark
Shackleton, Stephen Taylor and Pradeep Yadav.

Recent theoretical work covers topics such as the market for corporate control, the impact of capital
structure on investment and disinvestment decisions, investment under uncertainty, real options,
risk aversion, and efficient numerical methods for pricing options.

Empirical work covers equity, fixed income and foreign exchange markets, as well as research into
the investment and financing policies of households. Recent empirical papers include studies of the
risk of systemic failure in the banking system, trade credit, risk management by dealers, tests of
market efficiency, volatility forecasting, and the information content of option prices and high-
frequency asset prices.

Accounting and financial reporting
Research in this area is under the leadership of Professors John O’Hanlon, Ken Peasnell, Peter Pope
and Steven Young, and is primarily concerned with the relationships between accounting
measurements, firm decisions, market pricing and regulation. Key areas of interest are the impact of
corporate governance mechanisms and financial contracting on financial reporting, the usefulness
and value relevance of accounting numbers for the capital markets, and the use of accounting
numbers in business valuation. A major funded project is underway on the quality of reported
earnings. Also, Lancaster is coordinating a Europe-wide EU-funded accounting research training
network (the INTACCT project).

Management control and corporate governance
Research in this area is under the leadership of Professors David Otley, Ken Peasnell, Peter Pope and
Steven Young, and covers work on the methods used by organisations in planning and controlling
their activities, the role of accounting information in these processes, and the need to monitor and
incentivize managers. Recent work has focused on performance measurement and reward systems
for managers, the role of outside directors in the governance of companies, and the use of EVA™ as
a performance measure.

Teaching
The Department, as part of the Management School, has been graded in the ‘Excellent’ category for
teaching by the Higher Education Funding Council for England (HEFCE). Accounting and Finance
courses are taught at all levels, both to specialists in these disciplines and to other students in the
Management School and elsewhere in the University.
Doctoral programme
About twenty students are studying full-time for research degrees in Accounting or Finance
(including many financed from departmental funds). Doctoral seminars are arranged separately in
each of the two disciplines, in addition to the weekly staff research seminar series. Typically,
doctoral students are jointly supervised, to permit junior faculty to gain experience alongside senior
colleagues.

MSc in Finance
About 70 students a year take this twelve-month taught programme. Teaching takes place from
October to May and includes courses covering financial markets, accounting, corporate finance
theory, portfolio theory, international finance, derivatives, financial statement analysis and financial
econometrics. The programme culminates with a dissertation.

MSc in Accounting and Financial Management
This twelve-month programme, taken by about 50 students a year, shares some courses with the
MSc in Finance. There are also courses on financial reporting and management control systems. The
programme culminates with a dissertation.

M.Res in Finance/ Accounting & Financial Management
The M.Res scheme is followed by a small number of postgraduate students each year, usually as a
means of progression to registration for the MPhil/PhD programme. M.Res students take a similar
range of modules to the MSc cohort but combine this with the study of advanced research methods
and skills and complete a dissertation, normally in the form of a research proposal.

MBA and MSc in Management
The department teaches a number of courses on the full-time MBA and MSc in Management
programmes. Staff members also contribute to the part-time MBA and executive programmes.

Undergraduate studies in Accounting and Finance
Approximately 140 students a year graduate from the three-year undergraduate programme with a
major specialism in Accounting and/or Finance. A further 20 or so students graduate with joint
degrees in Accounting & Finance and one of Economics, Mathematics or Computer Science. The
Lancaster undergraduate schemes are very flexible and about half of the Lancaster Accounting and
Finance degree is taught within the department, with the remaining courses provided by Economics,
Management Science, Law and other departments. The BA/BSc in Accounting & Finance and BSc in
Finance degrees include final-year elective courses in corporate finance, international finance,
quantitative finance, financial statement analysis, financial accounting, management accounting and
auditing.

Since 2005, the Department has also delivered the BSc (Hons) in Accounting, Auditing and Finance, a
four-year sandwich degree programme in partnership with Ernst & Young LLP and the Institute of
Chartered Accountants of Scotland (ICAS). The degree is distinctive in providing its students with
several paid placements with Ernst & Young and offering rapid progression to the ICAS qualification
after graduation. The degree currently admits about 30 students per year.
Academic Staff and Research Interests

Professor and          Ken Peasnell,                Financial reporting, Corporate governance
Head of Department     Dp.BS, MSc, PhD, FCA

Professors             Bart Lambrecht               Corporate finance: bankruptcy, mergers and
                       BA (Antwerp); MPhil,         acquisitions, capital structure, interaction between
                       MA, PhD (Cambridge)          product market competition and capital structure,
                                                    real options.

                       John O'Hanlon,               Accounting numbers and share prices, Financial
                       BA, Cert.Ed, MA, FCA         statement analysis

                       David Otley,                 Management control, Behavioural aspects of
                       MA, MTech, PhD               accounting

                       Peter Pope,                  Financial markets, Market based accounting research
                       B.Com, MA, FCMA

                       Mark Shackleton,             Real options, Financial econometrics, Corporate
                       MA, MBA, PhD                 Finance

                       Stephen Taylor,              Financial markets, Price volatility, Econometric
                       BA, MA, PhD                  methods

                       Pradeep Yadav                Financial futures and options markets, Market
                       BSc, MSc (Delhi), MSc        microstructure
                       (Strathclyde), PhD

                       Steven Young,                Accounting quality, Accounting regulation and
                       BA, PhD                      enforcement, Corporate governance, Share
                                                    repurchases

Senior Lecturers       Söhnke Bartram               Financial risk management, International finance,
                       Dipl/.-Kfm, D.rer.pol        Corporate finance

                       Martin Widdicks              Financial communication, Investor relations,
                       BSc, MSc, PhD                Corporate governance


Academic Staff and Research Interests (continued)

Lecturers              Kevin Aretz                  Asset pricing, Default Risk, Forecasting.
                       MA, PhD

                        Shantanu Banerjee           Capital structure choice and corporate governance
                        BA, MA, M.Phil, PhD
                        (HKUST)

                        Wendy Beekes,               Corporate governance, Accounting conservatism
BSc, MSc, PhD

Nicholas Carline     Mergers and acquisitions, Corporate restructuring,
BSc, MSc, PhD        Corporate governance and control

Young-Soo Choi       Role of accounting numbers in valuation
BA, MSc, PhD

Zhan Gao             Equity valuation and information disclosure
BA, MA, PhD

Pelham Gore          Accounting standards, Conceptual frameworks
BA, MA, PhD, ACA

James Huang,         Asset pricing models, Option pricing theory, Hedging
BS, MS, MBA, PhD     models

Vicky Kiosse         Accounting for pensions, Value relevance of pension
BA, MSc, PhD         expense measures

Argyro Panaretou     Corporate Risk Management
BSc, MSc

Grzegorz Pawlina     Real options, investment under uncertainty,
BSc, MSc Warsaw      corporate finance, dynamic capital structure models
(WSE), MA, PhD

Katy Pilkington      Taxation
BA, ACA

Sayjda Talib         Investor relations
BA, MSc, PhD

Paul Taylor,         Financial accounting theory, Group accounting and
BSc, MA, FCA         consolidation

Valentine Ururuka    Performance management and control systems,
BSc, MBA, MSc, PhD   corporate governance, audit quality

Rafal Wojakowski     Theoretical modelling of derivatives, Risk
MSc, DEA, PhD        management
SUMMARY OF TERMS AND CONDITIONS (Academic and Related):

Salary:

The starting salary will be on the Professorial pay scale, with the exact level determined by the
appointing committee with reference to relevant experience and employment history.

Incremental Date:

Staff appointed below the maximum of incremental scales will receive an increment on one of the
following dates:

Staff Holding Fixed Term Appointments:           Anniversary of appointment
Staff Holding Indefinite Appointments:           1 August annually

Probation:

Appointments are normally subject to a probationary period, the length of which will be determined
by the Appointing Committee.

Superannuation:

The University is a participating institution to the Universities Superannuation Scheme. Employee
contributions are normally 6.35% of gross annual salary.

Annual Leave:

The annual entitlement is 25 days, in addition to public holidays.

Sickness Policy:

The University operates an occupational sickness policy which provides the following benefits:

During first three years service:        3 months on full pay, 3 months on half pay
After three years service:               6 months on full pay, 6 months on half pay

Relocation:

Designated assistance is available for all indefinite and fixed term appointments of two years and
over, where relocation is considered to be essential. The normal limits of assistance (subject to
appropriate receipts) are:

Staff relocating within the UK:          one twelfth of gross annual starting salary
Staff relocating from overseas:          up to one eighth of gross annual starting salary

or the appropriate proportion of Spinal Point 27 on the Academic salary scales, if that is higher.

Sabbatical Leave:

A sabbatical leave scheme is in operation for all indefinite Lecturer, Senior Lecturer, Reader and
Professorial appointments.

				
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Description: Department of Accounting and Finance Chair in Accounting or